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Sep 26, 2012
09/12
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government. one day after the u.s. said it had complied with the wto requirement, eu officials rejected the claim and said they would appeal again to the trade organization. this marks the latest chapter in an ongoing battle with the u.s. also pursuing the eu over air bus subsidies. >>> in japan, they have chosen a nationalist talk to lead it into upcoming elections. if former prime minister won the leadership in a second round lineup. he had been the most vocal candidate in calling for a harder start against beijing in ongoing territorial disputes. he's also pushed bank of japan to take more action on the economy. >>> continued anti-japanese tension in china is forcing japan's top auto makers to put the brakes on production. here is the story live from tokyo. >> reporter: the decision comes as growing anti-japan sentiments slow sales of japanese cars in the mainland. toyota's original plan was to shut down its main plant for national holidays starting sunday, but the auto maker has decided to sloez the plant four days
government. one day after the u.s. said it had complied with the wto requirement, eu officials rejected the claim and said they would appeal again to the trade organization. this marks the latest chapter in an ongoing battle with the u.s. also pursuing the eu over air bus subsidies. >>> in japan, they have chosen a nationalist talk to lead it into upcoming elections. if former prime minister won the leadership in a second round lineup. he had been the most vocal candidate in calling...
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190
Nov 3, 2012
11/12
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all i care about is government pay. if the government's not in the mood to be able to pay hospitals, stingy toward hospitals i don't want to touch them. there's not enough hospital mergers that can still be done without the government stepping in and saying we get to block that. so with hospitals if the government's on your side, i could be a buy. if the government's against you, stay away. but stick with cramer. >>> i like to say there's always a bull market
all i care about is government pay. if the government's not in the mood to be able to pay hospitals, stingy toward hospitals i don't want to touch them. there's not enough hospital mergers that can still be done without the government stepping in and saying we get to block that. so with hospitals if the government's on your side, i could be a buy. if the government's against you, stay away. but stick with cramer. >>> i like to say there's always a bull market
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Sep 24, 2012
09/12
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the government hopes its back will be matched by a separate amount there private cable. new bank could support up to 10 billion pounds of new and additional lending. fred, we were talking about this a little earlier. ross pointed out that this kind of model exists in germany and to some extent the u.s. would you say this is similarly set up to what the uk is proposing? >> the fact of the matter, is and i ran a small business for many year, it is a lot harder to get credit if you're a small business. many large banks, there's a lot of money to be made in hedging and derivatives. it's a lot more cost tloi service small business customers. we have a program called global credit express that provides loans up to half a million dollars that we're making as direct loans. we're working with the banks but we're providing the funding becauses it is still so hard for small businesses to get he those loans. president obama has made a big push on the small business administration that also works closely with u.s. company, small businesses that are both trading and doing much more ab
the government hopes its back will be matched by a separate amount there private cable. new bank could support up to 10 billion pounds of new and additional lending. fred, we were talking about this a little earlier. ross pointed out that this kind of model exists in germany and to some extent the u.s. would you say this is similarly set up to what the uk is proposing? >> the fact of the matter, is and i ran a small business for many year, it is a lot harder to get credit if you're a...
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Aug 1, 2012
08/12
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>> government bonds. >> government bonds, okay. we'll see what impact that has. again, no major -- >> i don't know what that's going to do. we saw treasuries last week, ten-year hit a word low yield. >> i think the interesting thing is whether any of this has an impact other than what it's doing to market sentiment. it's really interesting. we're still in an environment -- you look at what's happened in europe since draghi steps in. in terms of long-run problems, these economies all face serious structural issues i don't see as the policymakers can do to change those things. we need to see more radical reforms in these economies but they take time. >> let's remind ourselves what's on the agenda in united states. adp employment rate, increase of 110,000 in private payroll. at 10 ak ism manufacturing index, construction spending as well. comcast reports results before opening bell. we'll get reports from avon, harley davidson, mastercard, time warner and after close we'll hear from met life and yelp. it's not a bad agenda today. >> no, that's a full one and i like
>> government bonds. >> government bonds, okay. we'll see what impact that has. again, no major -- >> i don't know what that's going to do. we saw treasuries last week, ten-year hit a word low yield. >> i think the interesting thing is whether any of this has an impact other than what it's doing to market sentiment. it's really interesting. we're still in an environment -- you look at what's happened in europe since draghi steps in. in terms of long-run problems, these...
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Nov 8, 2012
11/12
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meanwhile, the government's ability to deal with japan's slowing economy is under pressure. political wrangling has been holding up a bill. there may be a break through, though, and let's go to tokyo for the story. >> yes, hi. the government introduced it crucial bill to parliament this afternoon hoping to pass it through the lower house by as early as next week. but more challenging for the prime minister noda is whether he can push the bill through the opposition controlled house without promising to call a general election by year's end before the good news for noda is the opposing leader has hinted that his party may agree to the bill even if noda does not promise the election before the measure which is failed to pass the ordinary diet session will allow the government deficit covering bonds to finance 40% of the fiscal 2012 budget. without it, the finance ministry will have to freeze more spending and government bond issuance would come to a halt with a ten year debt august on december 4th. back to you. >> thanks very much for it that. and now a quick look at what and
meanwhile, the government's ability to deal with japan's slowing economy is under pressure. political wrangling has been holding up a bill. there may be a break through, though, and let's go to tokyo for the story. >> yes, hi. the government introduced it crucial bill to parliament this afternoon hoping to pass it through the lower house by as early as next week. but more challenging for the prime minister noda is whether he can push the bill through the opposition controlled house...
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Nov 22, 2012
11/12
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and every other government is trying to cut its expenditure. i find it absolutely extraordinary that anybody in europe would think it's a good idea to ask for more money now. it seems pleatly misplaced to me. >> yes and no. yes, absolutely. on the one hand, everybody's asked for austerity. on the other hand, everybody also asks -- we have to kick start growth again and it has to come from somewhere. it clearly doesn't come from just the agriculture ral community. but it's not quite as simple as always saying we have to cut the budget. cutting the budget also means some of the infrastructure, some of the project budgets, some of the slow community movement budgets have to be cut and that could slap growth even further. so not quite as simple as the headline suggests. >> why would you expect the european bureaucrats to do that spending job better than national governments. i don't find that a convincing argument. >> anyway, silvia, we'll let you go because i don't want to run out of line. so we'll come back and we'll follow up on that point. sorr
and every other government is trying to cut its expenditure. i find it absolutely extraordinary that anybody in europe would think it's a good idea to ask for more money now. it seems pleatly misplaced to me. >> yes and no. yes, absolutely. on the one hand, everybody's asked for austerity. on the other hand, everybody also asks -- we have to kick start growth again and it has to come from somewhere. it clearly doesn't come from just the agriculture ral community. but it's not quite as...
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Mar 23, 2012
03/12
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country as the government tries to press ahead with austerity. and speaking of austerity and strikes, we have a general strike yesterday in portugal as the biggest union. country against the government's mans for job market reform there, too. 12.8% is where the ten year portuguese debt stands. lots of speculation about the possibility of another bailout, a second bailout for that country. and also the prospects for the requirement of greek sil debt restructuring, too, but no movement quite there. and in spain, the ten year is at 5.5%. since the beginning of february really we've seen he's yields in spain just ticking higher. certainly well off the record highs that we've had just a few months ago, but still just creeping up a little bit. but we can hear from the finance minister saying any comparisons with greece are ridiculous and we should expect volatility in the markets and that those spikes are just that. now moving on to the currency markets, where seef aen few notable levels breached. euro-dollar trading higher, up by about 0.6%. 1.3281 is
country as the government tries to press ahead with austerity. and speaking of austerity and strikes, we have a general strike yesterday in portugal as the biggest union. country against the government's mans for job market reform there, too. 12.8% is where the ten year portuguese debt stands. lots of speculation about the possibility of another bailout, a second bailout for that country. and also the prospects for the requirement of greek sil debt restructuring, too, but no movement quite...
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Dec 19, 2012
12/12
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therefore, they represent the chinese government. and do not necessarily operate on purely market principles. this is something that not only canada is wary of, but the united states also. the -- there is concern that the national security might be involved. you might remember that back in 205, the same commission company tried to buy unical in the united states and encountered extensive opposition from the u.s. congress. and they had to withdraw. and then after that, china tried to buy something in australia. and encountered opposition. i think that there is a suspicion of chinese intentions whenever they try to buy into areas that are sensitive. and the chinese minister of commerce yesterday showed a statement saying that this is protectionism, and it's discriminatory. >> and frank, how should we read the statement? is it a stepping up of the kind of rhetoric we've seen in the past? is it any kind of read-through to how the next administration is going to handle the u.s./china relationship? >> well, i think that it's a little too e
therefore, they represent the chinese government. and do not necessarily operate on purely market principles. this is something that not only canada is wary of, but the united states also. the -- there is concern that the national security might be involved. you might remember that back in 205, the same commission company tried to buy unical in the united states and encountered extensive opposition from the u.s. congress. and they had to withdraw. and then after that, china tried to buy...
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Oct 1, 2012
10/12
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the january p sneeze government does not want this to grow out of control, nor does the chinese government. tension certainly is rising and the man on the street is feeling passion about this issue. that's understandable. in the medium to long term, both governments want this to tone down and it will. >> let's hope that pans out. meanwhile all this cash that companies have, you were just talking about this, do you expect cap ex to continue to pick about up? >> i do. there's an awful lot of money sitting on the seed lines us a was noted back in an article back in july/august. almost 44% of the total value is held at cash in company coffers. this money needs to get spent. needs to get spent expenditures, hiring new staff. sitting in the bank is not helping anybody. >> who is spending shall steel makers, equipment makers more gloom about business conditions, sentiment deteriorating sharply. they expect domestic demand to falter, as well. in that mood, they won't be spending anymore money, are they? >> well, again, as the survey had indicated, some of the larger manufacturers are amongst the m
the january p sneeze government does not want this to grow out of control, nor does the chinese government. tension certainly is rising and the man on the street is feeling passion about this issue. that's understandable. in the medium to long term, both governments want this to tone down and it will. >> let's hope that pans out. meanwhile all this cash that companies have, you were just talking about this, do you expect cap ex to continue to pick about up? >> i do. there's an awful...
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Mar 19, 2012
03/12
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it hopes to present its plan it is to the chinese government shortly. cnbc spoke to the ceo of total. while iran has dominated the oil headlines, he said will isn't the only region sending ripples through the markets. >> today it's not only them having problems. security in a lot of other countries such as america, africa, which delays projects. at the end, the market forces are driven by fundamentals. and if you don't invest quickly, more, then we will be faced with a concern about not enough energy to cover the demand. >> let's get into this conversation with j.j. and nick. nick, let's start with you. as we just will heard from the ceo of total there, he believes that the fundamentals are such that oil will continue to rise if we don't get major investment. that is pot what the global economy needs as we just talked about. >> i think there are two second order dangers that the world economy faces this year. which are oil prices and what happens to the chinese economy. the first order risk is what happens to euro. and they're all known unknowns. the fi
it hopes to present its plan it is to the chinese government shortly. cnbc spoke to the ceo of total. while iran has dominated the oil headlines, he said will isn't the only region sending ripples through the markets. >> today it's not only them having problems. security in a lot of other countries such as america, africa, which delays projects. at the end, the market forces are driven by fundamentals. and if you don't invest quickly, more, then we will be faced with a concern about not...
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Mar 20, 2012
03/12
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the plan is also expected to include budget cuts for medicare and government agencies. house republicans are hoping for a floor vote next week, but the plan is likely dead on arrival in the democrat controlled senate. goldman sachs has reported they've begun another round of staffing cuts. the latest move is part of the bank's annual review process and follows the 2400 cuts announced last year. reports say that the cuts which began two weeks ago are across the board and aimed at traders who can be replaced with new technology or back office staff who can be swapped for cheaper employees. >>> and ben bernanke is back on campus. he's giving the first of four lectures on the central bank's role in the economy at george washington university today at 12:45 p.m. eastern. bernanke was an economics professor at stanford and principal t princeton decades ago. you don't have to be this class to hear him speak. the lectures will be streamed online. >> and china's premiere says turning the yuan into a global currency is inevitable, but its convert ability must happen through gradu
the plan is also expected to include budget cuts for medicare and government agencies. house republicans are hoping for a floor vote next week, but the plan is likely dead on arrival in the democrat controlled senate. goldman sachs has reported they've begun another round of staffing cuts. the latest move is part of the bank's annual review process and follows the 2400 cuts announced last year. reports say that the cuts which began two weeks ago are across the board and aimed at traders who can...
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Jun 25, 2012
06/12
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now we're seeing the central government helping local projects. number two, we're seeing monetary policy becoming more accommodating. we had a rate cut in recent weeks. we're projecting another rate cut some time in the third quarter. in addition, the central government is beginning to support liquidity so we're projecting another cut in the reserve requirement ratio in the coming few months and, finally, growth is quite important. as you know in china the avail ability of credit is more important than the cost of the credit, i.e., interest rates. growth is beginning to pick up. we saw that in may. hopefully in the month of june we will see an increasing trend for long growth as well. >> there's been some discussion that actual ly it's not even th price or the availability of credit but the demand in china that is lacking right now. that's typically seen as an industrialized world problem. do you see evidence of that, that there's actually, you know, that on the demand side perhaps we've seen a real weakening? >> that is a very good question. we a
now we're seeing the central government helping local projects. number two, we're seeing monetary policy becoming more accommodating. we had a rate cut in recent weeks. we're projecting another rate cut some time in the third quarter. in addition, the central government is beginning to support liquidity so we're projecting another cut in the reserve requirement ratio in the coming few months and, finally, growth is quite important. as you know in china the avail ability of credit is more...
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Mar 21, 2012
03/12
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. >>> in europe the government is focused. expected to make a u-turn on the top tax rate while they seem ready to balance the country's books ahead of schedule. >>> here in asia, the u.s. monetary funds says slower growth is scheduled. keeping most asian markets in the red. >>> good morning. you're watching "worldwide exchange." let's take a look at the future, see how we're poised for trade on wall street. it does look like we're looking at a higher open. the dow could open by as high as 48 points, nasdaq, 8 and change, s&p 500 by more than 4.5. there was uneventful trading on tuesday. we did see a little bit of a pullback on some of the concerns over slowdown growth in china. there was concern about the headline miss on the housing sector data we saw. in terms of decliners it was energies, industrials, and materials. surprisingly the financials did hold up yesterday in terms of decliners. we saw them outpace advancers by two to one on the stock chloe, how is it looking in asia? >> once again slowdown fears. overall the losse
. >>> in europe the government is focused. expected to make a u-turn on the top tax rate while they seem ready to balance the country's books ahead of schedule. >>> here in asia, the u.s. monetary funds says slower growth is scheduled. keeping most asian markets in the red. >>> good morning. you're watching "worldwide exchange." let's take a look at the future, see how we're poised for trade on wall street. it does look like we're looking at a higher open....
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Nov 20, 2012
11/12
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government has fired shots at the u.s. embassy in tel aviv. there's a couple of conflicting reports, but reuters report on this is suggesting that government has been apprehended by police. we'll keep you informed on that. meanwhile spain has two separate debt auctions this week, between 3.5 and 4.5 billion euros up for grabs today. longer term bonds will hit the market on thursday. the focus squarely on greece. officials are expected to sign off in principal the next tranche of aid to athens. let's get over to julia in athens. are they expecting the money? >> i think there's a definite sense of optimism from officials here that eventually they'll get the first part, the 30 billion euros, and then later on on in january of next year they'll get the next piece. that's speculation here on the ground and, yes, this is a sense of on optimism and people i'm speaking to in the markets said you had hedge funds yesterday buying g ining greek paper and domestic buyers. but there is recognition that a lot of work needs to be done not just with regards t
government has fired shots at the u.s. embassy in tel aviv. there's a couple of conflicting reports, but reuters report on this is suggesting that government has been apprehended by police. we'll keep you informed on that. meanwhile spain has two separate debt auctions this week, between 3.5 and 4.5 billion euros up for grabs today. longer term bonds will hit the market on thursday. the focus squarely on greece. officials are expected to sign off in principal the next tranche of aid to athens....
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Mar 30, 2012
03/12
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the government is supporting the market. and we've seen some reasonably robust and really quite interesting retail sales numbers in the last few days from japan. so absolutely it's been the outperformer amongst the major markets. we're overweight and have been so for some time and have a positive view. >>. >> how much does the quantitative easing have to play in the role? >> very closely particularly when connected with the sx porters. there's a concern slightly in my mind about whether this 1% target is achievable and if it is achievable, what impact that may have on jgb yields and their relative value on a real basis. it seems to me that if we have jg mom natural yeeds at 1%, we have a real yield of zero, and that you willy may encourage further outflows from japan expressed lieu a stronger dollar-yen, but also potentially liquidity in-flows in to other parts of the world, as well. >> okay. stick away. plenty more to come from you. just got some extents coming out from the european commission talking about the sbepgs to pr
the government is supporting the market. and we've seen some reasonably robust and really quite interesting retail sales numbers in the last few days from japan. so absolutely it's been the outperformer amongst the major markets. we're overweight and have been so for some time and have a positive view. >>. >> how much does the quantitative easing have to play in the role? >> very closely particularly when connected with the sx porters. there's a concern slightly in my mind...
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Mar 16, 2012
03/12
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he's going to force governments to run balanced budgets. and he's campaigning to revive france's flagging industry. >> with the polls tight ning ahead of the first round with just a small surge in sentiment towards these candidates could go a long way to splitting at the top come april 22nd. >> all right, so those are the runners and riders. stefan is in paris. i suppose the key thing here is what international investors need to know, if he gets elected, just how much it changes, potentially, the nature of the debate about where europe goes. >> rigorous until nautical, ross. they say that's despite the announcement, the headlines along maybe the most adventurous candidate would not be francis, but nikola. if you remember, prevent a transaction task, even if other countries in europe decided not to go. france will go on its own. france alone is propositioning some very pop ewe list announcements, some measure that is we know will be almost impossible to implement. he's going to implement a 75% tax for people earning over 1 million euros a ye
he's going to force governments to run balanced budgets. and he's campaigning to revive france's flagging industry. >> with the polls tight ning ahead of the first round with just a small surge in sentiment towards these candidates could go a long way to splitting at the top come april 22nd. >> all right, so those are the runners and riders. stefan is in paris. i suppose the key thing here is what international investors need to know, if he gets elected, just how much it changes,...
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Mar 27, 2012
03/12
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so that's the not uncommon in large government cases. but they will be more stringent going forward. the leaders will obviously be the construction companies, the followers are the rolling stock manufacturers and probably the safer play is the rolling stock manufacturers. >> all right. andrew, thank you very much for your time. good to talk to you. the aij saga was a high profile scandal. we've got a big apology from the chief executive. let's go to the nikkei for the story. >> the head of aij investment advisers admitted his wrongdoing for the first time today. president of the asset management firm which lost most of some $1.8 billion pension monday apologized saying that he was painfully aware of his upon thes. this was the first time he appeared in public since the scandal came to light about a month ago. he says it came from trading against the market trend. and that he was the one that took the initiative in falsifying investment reports, but denied any intentions to cheat on his cliptss. stressing that he was working to regain the
so that's the not uncommon in large government cases. but they will be more stringent going forward. the leaders will obviously be the construction companies, the followers are the rolling stock manufacturers and probably the safer play is the rolling stock manufacturers. >> all right. andrew, thank you very much for your time. good to talk to you. the aij saga was a high profile scandal. we've got a big apology from the chief executive. let's go to the nikkei for the story. >> the...
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144
Sep 27, 2012
09/12
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the public opinion, shock for the government. but i'm confident we'll find our way. there will not be layoffs. we'll find a job for everybody at the end. and what is important that we show the way. and the overcapacity in europe, we cannot be the only one to close a plant. >> of course one of the way to grow is for corporations to prosper. the latest corporation is with with gm tell us about what you're going to do with gm, also venturing perhaps into latin america, brazil is one of the key issues, i think. >> we have to upscale our brands and must share the costs of a number of projects. so to do this i think reliance helps no question. the second is globalization, international development, especially in china, latin america. and we for example in reliance on gm a joint venture global and this will help our globalization. and unless europe, we have to restore profitability. we have some ideas of common projec projects. >> let me focus back on gm. 7% stake now. do you think they will increase that in peugeot? >> well, in the con
the public opinion, shock for the government. but i'm confident we'll find our way. there will not be layoffs. we'll find a job for everybody at the end. and what is important that we show the way. and the overcapacity in europe, we cannot be the only one to close a plant. >> of course one of the way to grow is for corporations to prosper. the latest corporation is with with gm tell us about what you're going to do with gm, also venturing perhaps into latin america, brazil is one of the...
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Nov 2, 2012
11/12
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we think government should be smaller. but at times when the private sector has seized up and there is no demand, it is quite right for government to step in on to that breach. >> so your assertion is if this election was about the economy, romney would win. if it's not about the economy, what is this election swinging on? >> the economy is the driving issue here. the election hinges on lots of factors. turnout in key swing states will matter. what we know about the race right now is that it is incredibly close. on issues related to who do you think performs better on the economy, mitt romney has the edge. so issues of who do you like better, who do you think is more popular, president obama wins. and sometimes particularly among swing voters, those people who make their decisions very late in the process, they tend on to make a gut level reaction about who do i like more, who do i trust more. and so on that issue, the president wins. so this is an incredibly close election. you also have the dynamic of the unfortunate tra
we think government should be smaller. but at times when the private sector has seized up and there is no demand, it is quite right for government to step in on to that breach. >> so your assertion is if this election was about the economy, romney would win. if it's not about the economy, what is this election swinging on? >> the economy is the driving issue here. the election hinges on lots of factors. turnout in key swing states will matter. what we know about the race right now...
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Mar 15, 2012
03/12
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the spanish government has sold 3 billion euros in government debt. the range was 2.5 billion to 3.5 billion. and the yields across the board have fallen, too. let's get to it. the 2015 debt at a bid to cover ratio up from 4.1, up to 5%. previously it was almost 3%, so dropping there. the bid to cover ratio also rising for the 2016 bond 4.1% versus 4.2%. the yield there dropping as well. the yield 2016 bond coming in the past few minutes is 3.7% versus 3.75% previously. and the longest dated bond today 2018 bond, the bid to cover ratio coming in at 2.9 and the yield on that 4.19%. so yields down across all of those spanish government bond auctions selling is at 3 billion euros. jackie? >>> and speaking of those yields going lower, we'll look ahead at the trading day on wall street. key economic indicators out today including weekly jobless claims. stay tuned and we'll give you those details next. >>> welcome back to the show. shares of madison square garden fell on news of the >>> welcome back to the show. shares of madison square garden fell on news
the spanish government has sold 3 billion euros in government debt. the range was 2.5 billion to 3.5 billion. and the yields across the board have fallen, too. let's get to it. the 2015 debt at a bid to cover ratio up from 4.1, up to 5%. previously it was almost 3%, so dropping there. the bid to cover ratio also rising for the 2016 bond 4.1% versus 4.2%. the yield there dropping as well. the yield 2016 bond coming in the past few minutes is 3.7% versus 3.75% previously. and the longest dated...
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Apr 3, 2012
04/12
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the government decided to allow fuel prices to rise, also a move by the government to consider imposing a capital gains tax on stocks. that's weighing on sentiment. so a little bit of a mixed picture this tuesday. ross, what does your meet map say? >> we had strong gains by the end of play yesterday and trying to build on them this morning. we're about 2:1 on the dow jones stoxx 600. so 100 point plus gains for the ftse and dax. ftse up another third for the the xetra dax after gains of 1 1/2. ibex is fairly flat as we wait for the budget. keep your eyes on what's going on in terms of euro rates. euro-dollar nudging up 1.4345. we hit a week low yesterday. dollar-yen 82.05. a lot of stop loss buying. aussie dollar, keep that in focus. rba staying pat today, but plenty who believe we have an interest rate ghcut in may. and sterling holding on to the gains that we got yesterday post-that improved manufacturing number out of the uk. both the uk and u.s. outperforming pmi. as far as bond markets are concerned, we'll keep our eyes on treasury yields. italian yields 5.091%. still around that 5
the government decided to allow fuel prices to rise, also a move by the government to consider imposing a capital gains tax on stocks. that's weighing on sentiment. so a little bit of a mixed picture this tuesday. ross, what does your meet map say? >> we had strong gains by the end of play yesterday and trying to build on them this morning. we're about 2:1 on the dow jones stoxx 600. so 100 point plus gains for the ftse and dax. ftse up another third for the the xetra dax after gains of 1...
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Mar 22, 2012
03/12
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the official survey is coming out from the government, as well. which one do you place more emphasis on? >> i think the market would still look to the official survey and that was still in expansion territory, it was above 50, significantly run from the lows of the last quarter. the thing we always immediate to remember, they have the fiscal and monetary capacity to speed up and slow down their economy at will. that's something that europe and the rest of the world doesn't have. if they want toend the year with an 8% growth number, they will do it. >> a lot of people speaking of 7.5% growth, and a lot of people are saying with this data, could actually mean more policy easing. what's your gut pefeel on that interest. >> china has a history of underprime ministering and overachieving. i believe they will target really a growth rate of over 8% at the end of the year and i think they will achieve that. so they will take their foot on and off the gas at will when they need to. >> we've heard this conversation this morning already on cnbc about the shi
the official survey is coming out from the government, as well. which one do you place more emphasis on? >> i think the market would still look to the official survey and that was still in expansion territory, it was above 50, significantly run from the lows of the last quarter. the thing we always immediate to remember, they have the fiscal and monetary capacity to speed up and slow down their economy at will. that's something that europe and the rest of the world doesn't have. if they...
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Mar 13, 2012
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spain now we've seen this pressure on the government. they won't meet their deficit target as planned, just over 5% now for the spanish ten-year debt and in the states we're looking at a level of 2.04. we have retail sales data coming out later. >>> well, members of china's national people's congress may have fresh global trade to grapple with, the second to last day of its parliamentary session and this comes set as they unveil a new trade case against beijing regarding its curb on exports. >> reporter: thanks a lot,s chloe. this potential announcement later on today by u.s. president barack obama would mean that it's one step before an official case is opened at the wto. it comes amidst renewed friction with about the renminbi, whether the chinese authorities are trying to slow its appreciation. the fact that the u.s. may be opening these negotiations doesn't come as too much of a surprise to many of the people i spoke to especially in an election year. it does come as a surprise if it is going to be joined by the european union and, o
spain now we've seen this pressure on the government. they won't meet their deficit target as planned, just over 5% now for the spanish ten-year debt and in the states we're looking at a level of 2.04. we have retail sales data coming out later. >>> well, members of china's national people's congress may have fresh global trade to grapple with, the second to last day of its parliamentary session and this comes set as they unveil a new trade case against beijing regarding its curb on...
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Jul 6, 2012
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christine lagarde is meeting with the japanese government. all that and plenty more. >> stick around. ddd#1 >>> welcome to "worldwide exchange" this morning. i'm kelly evans. >> and i'm ross westgate and these are your headlines from around the world. >>> the u.s. jobs report front and center today. while hiring is expected to pick up, the pace may not be strong enough to make a major dent in unemployment. >>> china's second rate cut in a month has failed to lift asian equities, sparking fears that the slowdown may be worse than feared. >>> samsung's second quarter profit thought to rocket to new heights thanks to the galaxy smartphone. still, concerns over europe weigh on the long-term outlook. >>> and europe is not the only problem. imf chief christine lagarde warns that some of the world's major and developing economies are slowing. >>> all right, good friday morning to our u.s. viewers who may be just tuning in. let's take a quick look at what's happening with markets behind me. red, as you can see across the board, although not a huge mo
christine lagarde is meeting with the japanese government. all that and plenty more. >> stick around. ddd#1 >>> welcome to "worldwide exchange" this morning. i'm kelly evans. >> and i'm ross westgate and these are your headlines from around the world. >>> the u.s. jobs report front and center today. while hiring is expected to pick up, the pace may not be strong enough to make a major dent in unemployment. >>> china's second rate cut in a month...
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Sep 17, 2012
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it's not about financing governments. it's about the risk of an inflation undershooting ecb's inflation target. they have a clear mandate. and about if your area is in recession, at that point ecb can turn around and say what it needs to do on sterilized bond approaches. they will buy german bunds and frefshlg and italian and spanish paper probably according to the size of putting capital into the ecb and justified purely on the inflation mandate. it really wouldn't be about financing governments. it's the same argument the bank of england made and of course the bank of england basically had to adhere to the same treaty. so they have to justify on inflation and the e skrchlt b will have to do the same. >> i think that's quite funnily you talk about the bank of england because while they've been printing qe, inflation has been above their mandate for a very long time. so sort of their target, they've missed much. we've got to go unfortunately. but good to see you. >> well get into more of the situation in britain later on
it's not about financing governments. it's about the risk of an inflation undershooting ecb's inflation target. they have a clear mandate. and about if your area is in recession, at that point ecb can turn around and say what it needs to do on sterilized bond approaches. they will buy german bunds and frefshlg and italian and spanish paper probably according to the size of putting capital into the ecb and justified purely on the inflation mandate. it really wouldn't be about financing...
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Nov 26, 2012
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the central government is trying to make sure that the regions have to save money because the government doesn't have the money to give them. >> catalonia depends at the moment on funding from the central government because it is one of the richest regions in spain, but actually one of the most indebted at the moment. so if it was pushing for in insi independence, it wouldn't be sending good message out. and it can't afford independence at the moment. >> what does it mean in terms of the spanish xwechlt at some point asking for assistance? clearly at the moment they can borrow rate which is are just about affordable for them. >> yes, at the moment, that's right. and spanish government will use this as one of the biggest negotiating point and preventing catalonia for seeking not only independence, but also greater fiscal in the future. >> so what do you think about the madrid government's timing on how long they can go without asking for eu financial assistance? >> at the moment our position is that spain is more stable in financial environment and we do not see spain as seeking full bail
the central government is trying to make sure that the regions have to save money because the government doesn't have the money to give them. >> catalonia depends at the moment on funding from the central government because it is one of the richest regions in spain, but actually one of the most indebted at the moment. so if it was pushing for in insi independence, it wouldn't be sending good message out. and it can't afford independence at the moment. >> what does it mean in terms...
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Oct 15, 2012
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thanks for coming by. >>> india's government raised subsidized fuel prices. what does it mean for rate cut hopes? reema, what does it suggest? >> the street is actually very confused and very divided whether the rbi reserve bank of india will move of any rate action p when they meet for the policy next. what stacks up in favor of the rate cut, just last friday we got the august industrial production data, 2.7% higher that be street expectation. that was a positive indicating growth is looking better. and second more importantly has been all the action in terms of reform for the government side. but what stacks against rbi cutting rates is the fact that inflation still continues to remain very sticky. so as you correctly pointed out, the inflation figure at a ten month high, higher than street expectations. even the july figure has been increased -- the july figure has been revised upward significantly. now stands at 7.52% and there is a fear in the market that even the september figure there is a fear that that may be revised higher. for this month's inflatio
thanks for coming by. >>> india's government raised subsidized fuel prices. what does it mean for rate cut hopes? reema, what does it suggest? >> the street is actually very confused and very divided whether the rbi reserve bank of india will move of any rate action p when they meet for the policy next. what stacks up in favor of the rate cut, just last friday we got the august industrial production data, 2.7% higher that be street expectation. that was a positive indicating...
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Apr 27, 2012
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taxes coming into the government. so there's no doubt that the government has very little whig he will room when it comes to those numbers. the other part of that argument about bailing out is the banks kicking in further fund ifs. let's just take a look at that baut numbers that came out of the major banks this week were in fact strong. three major banks here are profitable, two majors earning more than a billion euros just in the first quarter alone. that's not even taking into account what they will earn over the course of a year. and there were huge provisions in those numbers, as well, as they set aside funds to cover bad loans. the third biggest bank here reporting today, it had a 100 million euro profit. so the badges are profitable and you can see why the major lenders do not want a bailout of the banking sector. it's hard to differentiate and pull out a few banks and say we're going to kick in funds to those particular banks but not touch the others. that just causes mounting pressure on the troubled banks. a
taxes coming into the government. so there's no doubt that the government has very little whig he will room when it comes to those numbers. the other part of that argument about bailing out is the banks kicking in further fund ifs. let's just take a look at that baut numbers that came out of the major banks this week were in fact strong. three major banks here are profitable, two majors earning more than a billion euros just in the first quarter alone. that's not even taking into account what...
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Apr 30, 2012
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net purchase government debt by italian banks, 27 billion euros. how concerned are you that what we've done has actually made them an even more leveraged play on the underlying sovereign risk? >> they are so closely intertwined that one really can't stand without the other. so this has been going on for a few months now ever sense the first ltro and we're very likely to see a continuation of that. so we see a lot of the domestic risks being put back with domestic investors and quite frankly, there's very little alternatives. really only two sources of demand. one are domestic investors being lent on pie the government and regulator, and the other are official creditors if you want. so the likes of the esfs, ecb and soon enough the esm. and as we all know, it's becoming more and more controversial for that official money to be put in. so right now we really see very little alternative but for that domestic buying to continue. and the big question is for how long can it contain. that is, how much more ability do domestic banks have to continue to buy
net purchase government debt by italian banks, 27 billion euros. how concerned are you that what we've done has actually made them an even more leveraged play on the underlying sovereign risk? >> they are so closely intertwined that one really can't stand without the other. so this has been going on for a few months now ever sense the first ltro and we're very likely to see a continuation of that. so we see a lot of the domestic risks being put back with domestic investors and quite...
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Apr 10, 2012
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a joint statement conjures up the threat of war under south korea's current government. the statement urges voters to strike a pro at the pro u.s. war like forces. speaking of those parliamentary elections over in south korea, that takes place tomorrow, largely going to become a bipartisan battle between the ruling frontier party and the dup united party, issues that have popped up in this competition. >> politics has turned colorful this april. red for passion from the party which ditched its long standing blue to go more liberal. while the democratic united party adopted a mix of yellow and green to symbolize democracy in a spirit of policy icons. while colors may seem frivolous, either's all part of a reimaging aimed at attracting younger voters. the outcome will well set the tone for december's presidential elections. for the first time in 20 year, voters will head to the polls twice in a year. still seeing entrenched in scandal like the recent water gate case. ruling party has been accused of illegally tapping up to 2,000 politicians and just after a vote by scandal
a joint statement conjures up the threat of war under south korea's current government. the statement urges voters to strike a pro at the pro u.s. war like forces. speaking of those parliamentary elections over in south korea, that takes place tomorrow, largely going to become a bipartisan battle between the ruling frontier party and the dup united party, issues that have popped up in this competition. >> politics has turned colorful this april. red for passion from the party which...
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Sep 10, 2012
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the government. it was indicated they will take the time to look at it before making the decision. and the government seems to have a bit of breathing space since the yields fell below 6% for the first time since october october 2011. so it will give a bit of breathing space even if the government is facing a significant bond reduction. we may have further information on that decision tonight because the spanish prime minister will give an interview on the national television in spain for the first time that there's been -- since he's been elected nine months ago. so even if he's not perhaps going to say yes or no we'll take a bailout, he'll talk about the situation tonight on television. very briefly i'd like to mention something really important that we're expecting this week in spain. it will be announced how much capital is needed for the 14 spanish entities to comply with the solvency ratio set by the government. six spanish banks won't need any help including the largest one. over to you. >> th
the government. it was indicated they will take the time to look at it before making the decision. and the government seems to have a bit of breathing space since the yields fell below 6% for the first time since october october 2011. so it will give a bit of breathing space even if the government is facing a significant bond reduction. we may have further information on that decision tonight because the spanish prime minister will give an interview on the national television in spain for the...
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Oct 22, 2012
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so supplement for the current government on. if a new government is coming, it will take time before they can do something. so we will have more demand from the government side last year, but the last quarter doesn't look likelike good. >> martin, thanks very much. what do you think of japanese equities? >> it worries me that they're still way below the developed countries. the concern is that japan still is not focused on value relative to the core challenges of keeping the workforce going and so on. >> meanwhile despite japan's gloomy export data, tokyo stocks did manage to finish in the green. winner sharp. let's get the tdetails from tok. >> sharp sales closed up 7.4% in response to the reports that the firm is close to scoring a deal. hewlett-packard, dell and others with its latest lcd panels. investors have hopes that a long term contract will help the bottom line. some analysts point out, however, that further gains could be limited in light of sharp's shaky financial state and uncertainty surrounding it capital tie up n
so supplement for the current government on. if a new government is coming, it will take time before they can do something. so we will have more demand from the government side last year, but the last quarter doesn't look likelike good. >> martin, thanks very much. what do you think of japanese equities? >> it worries me that they're still way below the developed countries. the concern is that japan still is not focused on value relative to the core challenges of keeping the...
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Mar 12, 2012
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he says the government's top priority would be to implement the restructuring plan. venizelos played down the decision by isda to classify the bond swap as a credit event. >> it's not something important for us as a real economy and international economy but, of course, this is nothing for the size of the eurozone. >> the spanish finance minister says he hopes the euro group will recognize spain's efforts to cut can down budget cuts and implement painful reforms. in an interview with the spanish newspaper he says spain has not challenged eu guidelines. thousands took to the streets of madrid yesterday in protests against austerity measures the government has planned 30 billion euros in cuts this year, threaten to plunge the economy into a deeper crisis. >>> well, out now to carolin schober who is in brussels tracking all the latest today. a couple of different issues coming up here and moving us over further away from just always focusing on greece. >> reporter: yeah. now we're going to focus back on spain because that problem has been brushed aside in the last one o
he says the government's top priority would be to implement the restructuring plan. venizelos played down the decision by isda to classify the bond swap as a credit event. >> it's not something important for us as a real economy and international economy but, of course, this is nothing for the size of the eurozone. >> the spanish finance minister says he hopes the euro group will recognize spain's efforts to cut can down budget cuts and implement painful reforms. in an interview...
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Mar 28, 2012
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they just fear the government being the one to solve all of its problems. thin you're going to see health reform regardless of the law. >> thank you so much, paul keckley. he's the director of deloitte solutions. ross. >> they have been asking the u.s. whether it would be interested in putting more oil in the market. they said they've been consulting with them on doing that, also trying to convince producers to put more oil on the market as well. guess what? they mention speculators pushing the oil price up. what a surprise. jackie. >> yes. >>> and coming up on the show, p.t. barn um says there ee's a sucker born every minute. find out why he thinks the average investor shouldn't be lulled into a false sense of security by all the green arrows he or she sees on wall street. stay with us. >>> good morning and welcome to the show. the headlines in the state, ben bernanke stays on message. the fed chair says while conditions are improving it's too early to declare the economic recovery a complete success. >>> the gdp lower in the fourth quarter. contract third
they just fear the government being the one to solve all of its problems. thin you're going to see health reform regardless of the law. >> thank you so much, paul keckley. he's the director of deloitte solutions. ross. >> they have been asking the u.s. whether it would be interested in putting more oil in the market. they said they've been consulting with them on doing that, also trying to convince producers to put more oil on the market as well. guess what? they mention speculators...
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Aug 3, 2012
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the government's monthly report topping today's jends. knightmare on wall street. a computer glitch, trading disaster and multimillion dollar losses leaves knight capital fighting for survival. facebook short fallout "the social network" lost almost half of its value since its may ipo. it's friday, august 3, 2012. "squawk box" begins right now. ♪ >> good morning, everybody. welcome to "squawk box" here on cnbc. i'm becky quick along with joe ke
the government's monthly report topping today's jends. knightmare on wall street. a computer glitch, trading disaster and multimillion dollar losses leaves knight capital fighting for survival. facebook short fallout "the social network" lost almost half of its value since its may ipo. it's friday, august 3, 2012. "squawk box" begins right now. ♪ >> good morning, everybody. welcome to "squawk box" here on cnbc. i'm becky quick along with joe ke
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Oct 29, 2012
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this would be a blow to british government. weekend protests in an eastern chinese city has shot down a plan to expand a refining and petrochemicals facility. the $8.9 billion project has been suspended pending further review. some 1,000 demonstrators took to the streets protesting against the plant citing health and environmental concerns. the gdp done grades. threat of an s&p debt rating cut to junk. >> thanks very much. yes, indeed, the government of i said i can't is very concerned about the fiscal deficit situation and the finance minister unveiling the consolidation plan, something that hasn't gone on particularly well with the markets because they're not willing to believe the fiscal map. let's talk about what the government intendses to close fy 13 with. the budgeted number 5.1, saying there will be a slippage, but they hope to contain to 5.3%. most estimates peg the fiscal deficit numberner from 5.7 to 5.9%. but as i said, the finance minister coming out all guns blazing and saying it cannot be a business as usual prom
this would be a blow to british government. weekend protests in an eastern chinese city has shot down a plan to expand a refining and petrochemicals facility. the $8.9 billion project has been suspended pending further review. some 1,000 demonstrators took to the streets protesting against the plant citing health and environmental concerns. the gdp done grades. threat of an s&p debt rating cut to junk. >> thanks very much. yes, indeed, the government of i said i can't is very...
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May 22, 2012
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we've seen governments trying to disturnlg the export. no supply coming out of russia, no supply coming out of chi it in a. royalties are getting bigger. structural issues are driving prices higher. >> appreciate it. we want to bring and you couple headlines coming across on greece. a senior greek banker has confirmed that the top pour grefour banks will receive about $19 billion in recapitalization funds on friday. this is part of measures earlier announced. with this this is a game changer is another matter entirely, but we'll continue to bring you those headlines. >> also egypt goes to the polls. described as the first ever democratic vote. yousef takes a look at what's been promised. >> just 15 months after the resignation of mubarak, the outlook for the country's write remains uncertain. >> now is better of course. >> economic growth fell to 1.8%. government's budget for the next fiscal year now projects growth of 4 about% % to 4.5%. >> i don't see the scenarios proposed in the budget for 4.5% to be realistic for budget the taker --
we've seen governments trying to disturnlg the export. no supply coming out of russia, no supply coming out of chi it in a. royalties are getting bigger. structural issues are driving prices higher. >> appreciate it. we want to bring and you couple headlines coming across on greece. a senior greek banker has confirmed that the top pour grefour banks will receive about $19 billion in recapitalization funds on friday. this is part of measures earlier announced. with this this is a game...
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May 11, 2012
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government expected to tell banks to said i'd another 35. and unlikely to develop plans to deposit togsic assets. stefane is in madrid. if they have to set aside 35 billion, then puts in to question mark whether they can then hit will the capital requirement targets of the eba, which suggests that they would have to raise more money. are they in a position to do so? >> no, that's the problem and likely the government will have to help some of the banks. the announcement of this new set of measures will come in less happen three hours. the first announcement is the creation of a bad bank, each lender in spain will have to set up a separate structure to put all the problematic assets. and this could be quite significant because the spanish banks have an exposure of nearly 300 billion euros to the real estate sector and more than half, 184 billion, is considered problematic. the second announcement is this new requirement, this new provision, 35 billion euros probably on top of the 54 billion that the banks are already provisioning againsts. ne
government expected to tell banks to said i'd another 35. and unlikely to develop plans to deposit togsic assets. stefane is in madrid. if they have to set aside 35 billion, then puts in to question mark whether they can then hit will the capital requirement targets of the eba, which suggests that they would have to raise more money. are they in a position to do so? >> no, that's the problem and likely the government will have to help some of the banks. the announcement of this new set of...
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Apr 20, 2012
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the fact is that japan is still led by banking-led governments. in other words, in order to sustain financing, especially for a troubled company like olympus,s quite a norm to appoint these bankers as one of the top executives. it it's not in a they're necessarily running the show, but it's a message adopted in order to get a long term capital. and this is one of the strong points of the japanese government style. one of the reasons why we are good at making the goods. in restoring the trust of the government's style, i certainly think they came out with a very bad start. i'm not talking about the investment perspective, i'm talking about long term company structure and also the trust that they should be regaining or trying to regain at this moment. >> from an outside perspective, what impression do you think this gives to people outside of japan, maybe people that aren't that familiar with how business is done in that country? >> i'm not an expert in any means in olympus specifically, but it seems it's an example of the kind of tangled interactio
the fact is that japan is still led by banking-led governments. in other words, in order to sustain financing, especially for a troubled company like olympus,s quite a norm to appoint these bankers as one of the top executives. it it's not in a they're necessarily running the show, but it's a message adopted in order to get a long term capital. and this is one of the strong points of the japanese government style. one of the reasons why we are good at making the goods. in restoring the trust of...
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Apr 23, 2012
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of gdp, which is much mier than the government projections. we spoke to market with compiled the pmes and their view that this is indicating the recession contraction is spilling over into a third quarter. how are investors on your side of the world reacting to what's going on? we've got political stories going on and growth that doesn't exist. >> i don't think anybody on this side or on your side for that matter thought that we were going to get better data than what you're kufrptly experiencing. we're in this sclerosis growth period primarily born from the fact that we're dealing with post-traumatic stress from the ghoeb al financial crisis. there is no way that you're going to heal this type of excessive leverage in two or three years. just not going to happen. so look for the markets to roll over here a little bet about that we were talking a lot about this about three weeks ago when the markets were on such a fantastic run, people were saying why is volatility so low. and then you could look around the world and you could see what you're
of gdp, which is much mier than the government projections. we spoke to market with compiled the pmes and their view that this is indicating the recession contraction is spilling over into a third quarter. how are investors on your side of the world reacting to what's going on? we've got political stories going on and growth that doesn't exist. >> i don't think anybody on this side or on your side for that matter thought that we were going to get better data than what you're kufrptly...
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Mar 8, 2012
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the government has 75% of bondholders to take part. it will announce the results at 7:00 cet tomorrow morning, that's 6:00 gmt. the commission has urged private bo bondholders warning the alternative would be much worse. olli rehn says it's an init dispensable element to assure the future stability of greece and the euro area as a whole. julian, chief u.s. economist at barclays capital, joins us are for the first hour of the program. there's sort of an expectation in the markets right now, a higher expectation we'll get over sort of the minimum thresholds and then it will be down to whether we sort of are going to have a collective action clause and whether that attracts cbs. how do you think it will play out? >> it doesn't look like a cac will be triggered and that will constitute a credit event, so that will be a whole new territory that we'll be in because to avoid that really you are talking about more than 90% participation which doesn't seem so is likely. it does seem likely we'll get to the 66% tlsh hold which is really crucial
the government has 75% of bondholders to take part. it will announce the results at 7:00 cet tomorrow morning, that's 6:00 gmt. the commission has urged private bo bondholders warning the alternative would be much worse. olli rehn says it's an init dispensable element to assure the future stability of greece and the euro area as a whole. julian, chief u.s. economist at barclays capital, joins us are for the first hour of the program. there's sort of an expectation in the markets right now, a...
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Sep 11, 2012
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let's listen in. >> distinguished heads of state, heads of government, members of government. ladies and gentlemen, dear friends, we are assembled here at a very special moment in global economic history. it's the deepest crisis we've experienced in generations. after nearly five years, characterized by major appeals, many feel like we are experiencing continued disintegration of the global system and the downward spiral of negative consequences. it's only global solidarity which will allow us to return to a path of harmonious growth. today in our highly interconnected and interdependent world, no country regardless its size can determine its fate anymore alone. we must bring our global house in order. we call on the international xhun toy deliver on the promises made. particularly rising unemployment levels and. >> addressing the world economic forum just in advance of the address by wen. he's one of the executives of the world economic forum just introducing the chinese premiere. we'll go for a quick break. when we come back, we'll bring you the main chunk of wen's speech. â
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Jun 1, 2012
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the government trying to play that one down. and the other one is we need bankia to be rescued and we haven't got a real plan for that yet. and of course we also have the economy it if recession and not getting out of there. and all the regions having problems in refinancing themselves. cabinet meeting today. there's hope that some clarity will come. but i wouldn't pin my hopes too high on that one. >> if anything, we've learned that. a tiny town in spain by the way claims to be the country's most indebted village. according to the mayor, the town owes 16 million euros mostly due to the housing slufrl. it's left with several projects it can no longer afford to complete. ireland meanwhile looks set to ratified the eu fiscal compact. beccy meehan is in dublin with more. if they say yes, what happens next? >> if they say yes r, not much happens. if they say no, we could see a lot of action in the market sense as well as on the ground here in dublin. this referendum is all about putting through ratifying the fiscal compact. ireland
the government trying to play that one down. and the other one is we need bankia to be rescued and we haven't got a real plan for that yet. and of course we also have the economy it if recession and not getting out of there. and all the regions having problems in refinancing themselves. cabinet meeting today. there's hope that some clarity will come. but i wouldn't pin my hopes too high on that one. >> if anything, we've learned that. a tiny town in spain by the way claims to be the...
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May 21, 2012
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to introduce new rules that have proven to be very effective in rebuilding a government or a government systems. >> there was moussa. remember israel as a talking point has served as a bit of a punching bag for a lot of the different candidates on the campaign trail. none would really go as as far as to say they would go toward the peace agreement and it's something the economy cannot really afford either. egyptian stock exchange believe it or not one of the best performing stock in the world. but invest stores have been on edge as we get closer to election day. this week the market on the month is down a little bit, over 1%. and it's a similar picture with the market vectors epf across in the united states down 6.5% over the last five trading sessions or so. >> and the election was, what, wednesday this week, right? so how long before we get the results? >> the election starts on wednesday. it takes place over two days. and counting is expected to be completed by may 26. and the result of the first round to be announced on may 29th. but if no one candidate can secure at least 50% of th
to introduce new rules that have proven to be very effective in rebuilding a government or a government systems. >> there was moussa. remember israel as a talking point has served as a bit of a punching bag for a lot of the different candidates on the campaign trail. none would really go as as far as to say they would go toward the peace agreement and it's something the economy cannot really afford either. egyptian stock exchange believe it or not one of the best performing stock in the...
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Nov 19, 2012
11/12
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the government spending is a large portion of gdp in most european economies and by cutting off government spending, you're basically cutting gdp and that cuts tax receipts. so i don't see an end in sight. i think european union is theoretically a nice thing for the currency and so forth, but with 17 different country, multiple cultures, multiple financial systems, can't be put together overnight and if it will continue, it will take a very long time to work this out. so we're watching it very closely. europe and china are the u.s.'s two largest trading partners. and when are they're under stress, we're under stress. >> do you think we'll be watching the politics next year as closely as what we have this year or does focus shift back to the made being crow economic environment? >> i think 2013 is probably going to be an unbelievably incredible year for the markets. i think there will be tremendous volatility based on both political and economic considerations. although these macro concerns, four that i see, europe, china, the middle east and of course our fiscal cliff, any one of those cou
the government spending is a large portion of gdp in most european economies and by cutting off government spending, you're basically cutting gdp and that cuts tax receipts. so i don't see an end in sight. i think european union is theoretically a nice thing for the currency and so forth, but with 17 different country, multiple cultures, multiple financial systems, can't be put together overnight and if it will continue, it will take a very long time to work this out. so we're watching it very...
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Mar 29, 2012
03/12
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obviously the government will not change it plan. the government have already made clear that they will not change its plan on the labor reform and also we are expecting it will be the toughest budget since the country returned to democracy in 1975. the strike is mostly focused on the labor market and this reform that the government wants to implement. the government has promised a deep change in the labor market. for instance, the companies will be able to change the working conditions, not only the time table of the employees, but also they will be authorized to reduce hair salaries if necessary. also the cost of firing people will be lower. so far it was 45 days of salary for each year worked in the country. could be as low as 20 days per year with a maximum of one year compensation. that's the new deal. and that's basically why the unions have decided to take to the street. they are accusing the government of breaking everything. this is the flyer you can find almost everywhere this morning. reform will make the labor market more
obviously the government will not change it plan. the government have already made clear that they will not change its plan on the labor reform and also we are expecting it will be the toughest budget since the country returned to democracy in 1975. the strike is mostly focused on the labor market and this reform that the government wants to implement. the government has promised a deep change in the labor market. for instance, the companies will be able to change the working conditions, not...
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Jul 2, 2012
07/12
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we have the comment from the finnish government saying both they and the dutch government will block esm buying bonds in the secondary market. how significant is that? >> well, i mean, going back to what we were discussing earlier, we've had this incremental approach, the issue about sequencing. the biggest problem in europe and the news that just came out clearly states is that actually implementing all these things is the hardest thing. you can talk all you want about the supported measures but if you can't get cohesion across the eurozone, it's all talk. that's been the biggest risk for europe is to come up with the great ideas and they're not even complete ideas as your guest is mentioning. we too rather see and finally do some sort of mutualization of the debt or do it through the back door through ecb but the problem with the incremental approaches looks like you're solving the problem taken further pushes away the real solution. >> here's the question for investors, we know where we stand right now the eurozone debt crisis. both of you just laid out the questions you need answ
we have the comment from the finnish government saying both they and the dutch government will block esm buying bonds in the secondary market. how significant is that? >> well, i mean, going back to what we were discussing earlier, we've had this incremental approach, the issue about sequencing. the biggest problem in europe and the news that just came out clearly states is that actually implementing all these things is the hardest thing. you can talk all you want about the supported...
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Apr 19, 2012
04/12
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government able to run loose policies. and doesn't really matter that the economy was generating inflation was the currency was still cheap. that's all changed now. the currency is expensive, the government still can't borrow any great quantity from abroad. so the economy started to sit the buffers and that praems the whole context for the ypf dispute. the question going into elections at the end of last year was whether or not the government would change tact, move toward orthodox policies. there was a growing sense that they might. obviously recent events have born that out. >> should we expect more of the sa same. >> ypf was always a special case. they've been very vocal and critical for a number of months. i think ypf is probably a special case. and more generally, argentina is a special case and i don't really see this as any kind of broader move. >> brazil has slashed its benchmark interest rate to 9%, sixth straight cut by the central bank. reading some of the the capital economi economics, particularly focused on t
government able to run loose policies. and doesn't really matter that the economy was generating inflation was the currency was still cheap. that's all changed now. the currency is expensive, the government still can't borrow any great quantity from abroad. so the economy started to sit the buffers and that praems the whole context for the ypf dispute. the question going into elections at the end of last year was whether or not the government would change tact, move toward orthodox policies....
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Apr 13, 2012
04/12
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and historically, governments have shown as as we write in gold we trust, governments have known that they will quite often debase the occurrences city rather than to the hard things. we think that may be the easiest time this time around. >> the oecd today released a report that say the advanced economies are facing 40 years of austerity. do we really think that's going to stick in our prediction is that governments, politicians will find it easier to treat the cancer of death with a chemotherapy of inflation than any other mek him. mechanism. >> which is the best chapter? >> matthew writes all the jokes. >> i'll read his chapters then. >> all right. we'll leave it there. thanks so much to michael green. still to come, spain's debt troubles seem far from over as the country's banks increase their borrowing from the ecb to the highest ever level in march. we're live in madrid with the latest. >>> let's start in the united states. take a look at the u.s. futures, see how we're setting up for trade on wall street. does look like it will be a lower open, dow down by nearly 42, nasdaq by
and historically, governments have shown as as we write in gold we trust, governments have known that they will quite often debase the occurrences city rather than to the hard things. we think that may be the easiest time this time around. >> the oecd today released a report that say the advanced economies are facing 40 years of austerity. do we really think that's going to stick in our prediction is that governments, politicians will find it easier to treat the cancer of death with a...
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Jun 28, 2012
06/12
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the ecb has to have an arm's lent relationship to the government. it's a more complex problem than simply just buying government bonds. >> do you think they would have a mandate if we've got -- i mean just look at m1 deposit numbers. under their mandate they could set up quantitative easing. do they've mandate to do that if conditions are right? >> quite true the growth of the money stock in the definition they use is their longer term assessment of what's need. it's not easy to put out the growth rate of the money stack as we see in this country in the uk. you can raise central bank liquidity but whether it gets lend on to the economy is very doubtful. >> i was just thinking it would in the short term, maybe that's one thing that would in the short term alleviate market stresses. i'm not saying it would happen by any stretch of the imagination. >> it would be a help. whether, again, if it's a sovereignty problem then liquidity measures in the short term. certainly greece still has a sovereignty issue. italy and spain where issues are left clear. so
the ecb has to have an arm's lent relationship to the government. it's a more complex problem than simply just buying government bonds. >> do you think they would have a mandate if we've got -- i mean just look at m1 deposit numbers. under their mandate they could set up quantitative easing. do they've mandate to do that if conditions are right? >> quite true the growth of the money stock in the definition they use is their longer term assessment of what's need. it's not easy to put...